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Under the government’s plan for 2026, total borrowing is expected to reach about 969.796 trillion dong. Funding is set to cover the budget deficit with about 583.700 trillion dong (60%), while about 376.005 trillion dong (39%) will be used to repay principal. Only around 10.092 trillion dong (1%) is allocated for on-lending from foreign borrowings.
The main funding source is domestic government bond issuance, alongside ODA loans and concessional foreign loans. The government is also considering issuing bonds in international markets and using other legitimate financing sources to maintain budget balance.
For 2026, government bond issuance is projected at about 500.000 trillion dong. The issuance will be conducted via electronic bidding at the Hanoi Stock Exchange by the State Treasury. The bidding structure combines competitive and non-competitive bids, with non-competitive bids not exceeding 30% of total bid volume.
According to the Finance Ministry, total debt repayments due in 2026 are estimated at about 534.739 trillion dong. Of this amount, principal repayments account for 406.165 trillion dong, while interest and fees are estimated at about 128.574 trillion dong.
Direct government debt service represents the largest share, totaling 493.405 trillion dong, covering both domestic and foreign debt. In addition, liabilities for ODA and on-lent concessional loans are more than 41.000 trillion dong.
For guarantees, the maximum guarantee limit for the Vietnam Development Bank is up to 2.910 trillion dong, corresponding to maturing principal obligations. The Social Policy Bank has a maximum guarantee limit of 251 billion dong, with principal repayments estimated at about 790 billion dong. Guarantees for domestic and foreign enterprises with no new withdrawals still require principal repayments of about 17.156 trillion dong.
At the local level, total borrowing by local governments in 2026 is projected at 26.079 trillion dong, while total principal repayments are about 3.979 trillion dong.
The Finance Ministry said debt safety indicators remain within permitted limits. The debt-to-GDP ratio is projected at 35–36%, below the 60% cap. Government debt is estimated at about 33–34% of GDP, while external debt is 28–29% of GDP, also under the 50% cap. Direct debt service relative to state budget revenue is projected at 20–21%, within the 25% limit. The external debt burden relative to export turnover is approximately 4–5%, far below the 25% warning threshold.
The Finance Ministry noted that publishing annual borrowing plans supports transparency and helps Vietnam move toward international best practices in public debt management (DeMPA) under the World Bank. It also enables rating agencies and financial institutions to access complete, official information, supporting improvements in transparency, governance, and institutional factors used in sovereign credit assessment. The ministry said this aligns with the objective of credit rating upgradeability in the near term and is part of implementing the development orientation for 2026–2030, targeting growth in the two-digit range.
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